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Arthur Hayes says Hyperliquid still leads perp DEXs as risk-reward shifts

  • Arthur Hayes said Hyperliquid remains the best perp DEX.
  • September 30 marked the date of Hayes’ BitcoinNews interview at KBW 2026.
  • Flop Labs CEO Arthur Hayes said Hyperliquid’s risk-reward is less attractive.

Hyperliquid remains the best perp DEX, in the view of Flop Labs CEO Arthur Hayes, but its risk-reward profile is no longer as attractive. Hayes made the comments in a September 30 interview with BitcoinNews at KBW 2026. A perp DEX is a decentralized exchange offering perpetual futures contracts, which have no fixed expiration date.

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